The view of Lake Tahoe from the Tahoe Beach Club property as seen August 2020. Courtesy of photo
The Tahoe Beach Club completed its first phase last year with the arrival of the first group of homeowners in September 2019, according to a press release from 10 state line.
Real estate company IMI Worldwide Properties, based in Greenville, South Carolina, is also part of the group of owners.
According to the press release, the $ 115 million loan from ACORE also facilitated Excel’s repurchase of $ 34 million in preferred capital that was provided by HNGreen Hollow Capital Partners in September 2019 and used to build the property’s beach club and redesign the property Phase II was used.
According to Excel, 48 new houses are included in the second phase, which broke ground in May and is expected to be completed in mid-2023. The first selection of apartments within Phase II will be ready for a move-in date in mid-2022.
“We are pleased to have completed this new line of funding with ACORE Capital,” said Mark Burton, CEO of Excel Realty Holdings, in a statement. “We value our relationship with ACORE and IMI Living and look forward to a successful year of construction and sales when we introduce the next chapter of this lakefront community.”
The Tahoe Beach Club will offer 143 residences upon completion. Phase II homes will range in size from 1,256-square-foot two-bedroom apartments starting at $ 1.6 million to 2,831-square-foot four-bedroom apartments for over $ 4 million.
“Tahoe Beach Club is the only community being built with direct lake access and the new phase of construction is exciting to see,” said Patrick Rhamey, CEO of Tahoe Beach Club, in a statement. “With our unmatched location, superb five-star amenities, and year-round experience, Tahoe Beach Club has had tremendous success in the market.”